Deposit Insurance

The Deposit Insurance Corporation of Ontario (DICO) provides deposit protection for all eligible deposits held at Ontario credit unions. This insurance is part of an overall protection program for all Ontario credit unions and is backed by provincial legislation. Subject to coverage limits, eligible deposits held with DICO member institutions are automatically insured; you do not have to apply for coverage.

How much is insured?

All eligible deposits held in savings and chequing accounts; term deposits and guaranteed investment certificates (GICs) held in the name of an individual depositor at a single member institution are insured up to a maximum of $250,000 per member including interest and dividends. Funds held in US accounts are not insured.

DICO provides separate coverage up to a maximum of $250,000  (including interest and dividends) for each of the following eligible deposits:

  • Deposits held jointly, in the name of two or more persons
  • Deposits held in trust for one or more beneficiaries
  • Deposits held in the name of a corporation, partnership or association.

All deposits held in registered plans (RRSPs, RRIFs, RESPs and TFSAs) are fully insured with no maximum limit.

Note that eligible deposits held at different credit unions are separately insured; eligible deposits held at different branches of the same credit union are combined to determine the maximum insurance coverage.

What are the eligibility criteria for DICO deposit insurance?

To be eligible, deposits must be:

  • in Canadian currency, payable in Canada
  • held in an Ontario credit union

Some deposits and investments are not insurable by DICO. These include:

  • foreign currency deposits
  • mutual funds
  • membership shares and investment shares of a credit union
  • treasury bills
  • government and corporate bonds
  • stocks and debentures
For further information on deposit insurance, please ask for a brochure at the credit union or visit DICO’s website at